I-T Dept slaps showcause notices on Jagan Reddy

The Income Tax Department has
slapped showcause and demand notices to the tune of Rs 122
crore on YS Jaganmohan Reddy, a former Congress MP that owns
Jagathi Publications, for mismatching amounts reported
in company records.

Hyderabad: The Income Tax Department has
slapped showcause and demand notices to the tune of Rs 122
crore on YS Jaganmohan Reddy, a former Congress MP that owns
Jagathi Publications (JPPL), for mismatching amounts reported
in company records.

The notice assumes significance as Jagan Reddy announced
a new party -- the YSR Congress Party -- just two days ago.

When contacted, sources close to the Income Tax
Department confirmed the issuance of a notice to Jagathi and
said the matter is with the assessment department.

"The matter is with the Assessment wing and they are
assessing the case," sources said.

Jagathi Publications is into various media activities
like publishing a Telugu Daily Sakshi and running a 24-hour
news channel TV, also Sakshi.

Jagan Reddy reportedly paid Rs 84 crore as advance tax in
September last year, anticipating an income of Rs 500 crore.